May 4, 2014

Israeli billionaire Stef Wertheimer recently sold his family’s remaining 51 percent stake in Blades Technology, jet compressor and turbine blades company, to US jet engine-maker Pratt & Whitney for hundreds of millions of shekels, according to Israeli media reports.

Blades Technology and Pratt & Whitney, a unit of United Technologies Corp, have not released a press announcement about the reported sale.

Pratt & Whitney already own the other 49% stake of the Nahariya-based manufacturer of machine blades and vanes for the aerospace and industrial gas turbine industries.

Wertheimer founded Blades Technology in 1968 as Iscar Blades as a small operation meant to supply the Israeli Air Force with spare parts. Today, the company produces as much as 40% of all compressor and turbine vanes in the world and is a multinational corporation.

According to the company, its customers include Rolls Royce, GE, Samsung, and others.

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